Once you are married, it is too late to get a premarital agreement in Texas. However, you and your spouse can enter into a post-marital agreement. The requirements for a post-marital agreement are the same, but the need for full disclosure of assets and liabilities is held to a higher standard after marriage. This is because spouses have a fiduciary duty. A fiduciary relationship is one that bears a high responsibility for dealing fairly and ethically with the other person. Because of this high standard, post-marital agreements are found invalid much more often than premarital agreements.
Postnuptial agreements are frequently used in troubled marriages when parties are having financial conflict. Estate planning lawyers may also recommend postmarital agreements for tax purposes.
The provisions of a postmarital agreement (sometimes called a partition agreement) in Texas are the same. The parties can separate their assets, address the source of funds for debt payments, address issues of spousal support in the event of divorce, etc.
For help in drafting your postmarital agreement, contact the Texas board certified attorneys at O’Neil & Attorneys.